Monthly loan payment deducted directly by the bank from the, Ask an Expert

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Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2011 bank statement included the following information:

Balance July 1, 2011 $55,678
Deposits 179,500
Checks Processed (192,610)
Service Charges (30)
NSF Checks (1200)

Monthly loan payment deducted directly by the bank from the account (includes $320 in interest) (3320)

Balance 38018

The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449899

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